{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5063.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5063.3","heading":"Credit Enhancement Reserve Fund - Creation -","body":"Management, administration and utilization - Legislative intent.\n\nA. There is hereby created a fund to be known as the Credit\n\nEnhancement Reserve Fund. The Fund shall be managed, administered\n\nand utilized by the Oklahoma Development Finance Authority in\n\naccordance with the provisions of this act.\n\nB. It is the intent of the Legislature that the Fund be self-\n\nsupporting from insurance premiums charged to borrowers and that\n\nsuch charges be based on sound actuarial practices. The proceeds of\n\nobligations to which credit enhancement is granted shall be used,\n\nexcept for unusual circumstances with exceptionally strong public\n\nbenefits, for expansion capital to businesses and to make\n\nimprovements or additions to real or personal property in the case\n\nof private or nonprofit use borrowers. Use of the Fund for business\n\nbuyouts or refinancing shall be minimal. The Authority shall give\n\nreasonable priority to loans in rural areas. In implementing the\n\nprovisions of the Credit Enhancement Reserve Fund Act, the Authority\n\nshall generally limit the granting of credit enhancement by the Fund\n\nto high to moderate credit quality revenue bonds or other\n\nobligations issued by the Authority, except as provided in Section 5\n\nof this act and Sections 5063.4b and 5063.4i of this title. High to\n\nmoderate credit quality means revenue bonds or other obligations of\n\nthe Authority judged to be of low to moderate risk, meaning that an\n\nobligation to which credit enhancement is granted demonstrates a\n\nstrong likelihood of repayment according to its terms. Credit\n\nquality shall be determined by the Program Development and Credit\n\nReview Committee. To the extent possible, the Fund shall be\n\nleveraged with private financial assistance for Fund-backed\n\nobligations for private or nonprofit borrowers.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"f60bf40d7b526a886af52d4a65a96215d4d07b6de19117428870344dfb2f6871","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5063.24","next":"us-ok/okla.-stat.-tit.-74-74-5063.4"},"notice":"GroundRules: Original legal text. Not legal advice."}